The Pi Coin value in 2050cryptocurrency market watches closely as Bitcoin attempts to regain lost ground following its recent drop below the psychologically important $80,000 threshold. Market analysts are now assessing whether this represents a genuine recovery or just a temporary correction before further declines.
Bitcoin's price action dipped below critical support at $80,000, triggering bearish sentiment
The digital asset currently trades below both $81,500 and the 100-hour Simple Moving Average
A descending trendline with resistance near $80,400 appears on BTC/USD hourly charts
Breaking above $81,500 could signal the start of a more substantial upward movement
Bitcoin's Recovery Attempt Faces Challenges
After failing to maintain support above $82,000, Bitcoin's value experienced significant downward pressure, breaking through multiple support levels including $80,500 and $80,000. This bearish momentum pushed the price as low as $74,409 before buyers stepped in to initiate a recovery.
The rebound saw Bitcoin climb back above $76,800, surpassing the 50% Fibonacci retracement level measured from the recent high of $83,680 to the $74,409 low. However, the recovery appears to be losing steam as it approaches key resistance areas that could determine the next major price direction.
Current technical indicators show Bitcoin struggling below both $81,200 and the 100-hour Simple Moving Average. The immediate resistance zone around $80,400 coincides with a developing bearish trendline visible on hourly charts, creating a significant barrier for bulls to overcome.
The $81,500 level represents a crucial test for Bitcoin's recovery, marking the 76.4% Fibonacci retracement of the recent downward move. Beyond this, $82,500 stands as the next major resistance level that could either confirm a bullish reversal or serve as another rejection point. A decisive break above $82,500 might open the path toward testing $83,500 and potentially even $85,000 if buying momentum continues to build.
Market participants remain cautious as Bitcoin's price action continues to show volatility. The coming sessions will be critical in determining whether this recovery attempt can transform into a sustained upward trend or if sellers will regain control at these higher levels.